Healthy sales pipeline gives grounds for optimism at clean energy firm
Sheffield-headquartered energy storage and clean fuel company, ITM Power, says its contracted order backlog has grown to its highest-ever value, as it issues its interim results for the six months to 31 October 2024.
The business reports revenue of £15.5m (H1 24: £8.9m) a pre-tax loss of £28.8m (H1 24: £15.3m loss) and an adjusted EBITDA loss of £16.8m (H1 24: £18.1m loss).
ITM Power adds that its record contract backlog to date of £135.3m, is up from £43.7m two years ago.
Dennis Schulz, CEO, said: “Green hydrogen has begun to play its vital role in decarbonising the global energy system, whether as a feedstock in sectors such as chemicals and refining, as a fuel, or as a source of flexible power generation.
“Our sales pipeline and contract backlog have never been healthier, and we now have a product portfolio tailored to our customers’ needs.
“This has been evidenced in us winning the Shell REFHYNE II 100MW project, two contracts for a total of four NEPTUNE V units, and a 50MW and a 10MW FEED contract – all profitable orders.
“Operationally, we are in the best condition the company has ever been in. Today, I am even more optimistic about our future than when I joined the company two years ago.”
The company notes it has “put its house in order” over the last two years, and has managed its costs and capital allocation decisions effectively.
ITM Power says its sales pipeline has grown significantly and beyond expectations over the last two years, with the firm rationalising its product portfolio, enabling it to focus on developing and manufacturing its core technology.
